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Original poster

How much do you have in your savings account?

417 replies

Eurydice84 · 10/01/2023 15:36

Just that, really. I am trying to save up for some big expenses (house renovations) but I am worried about blowing up the majority of my savings and starting from scratch again.

OP posts:
thunderstruckk · 10/01/2023 18:21

@EarringsandLipstick eh? What do you mean?

PuzzledObserver · 10/01/2023 18:22

In instant access: 2 months’ of household income
In a 30-day notice account: another 4 months’ worth.

We are retired, so any big spends like new boilers or big holidays have to be paid for out of savings, not borrowing.

Benjispruce4 · 10/01/2023 18:24

A year’s combined salary for DH and me.

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General money Savings & investments
Orangesare · 10/01/2023 18:26

That’s a good use of savings though op. I’ve got about £15k all of which will be blown on much needed house renovations and probably more than that will be spent if I can save it.

Blowyourowntrumpet · 10/01/2023 18:29

About £50,000 and mortgage paid, but I'm probably a lot older than most people on here.

EarringsandLipstick · 10/01/2023 18:30

thunderstruckk · 10/01/2023 18:21

@EarringsandLipstick eh? What do you mean?

The idea that someone is so well-off they can have 5 times (5!) their annual salary ... not their monthly salary, annual! And can afford to live off one salary. 😳😳😳

I mean, it's great for you but it seems so hard for me to fathom.

(I'm a single parent, at most I'll have a few thousand saved at any one time but it's actually for Christmas / kids' expenses / essential household tasks. I'd love the luxury of having true savings).

bellswithwhistles · 10/01/2023 18:31

£1200 after paying my last gas/elec bill. Also owe £2k on credit cards. I know theoretically I should put the £1200 into the credit cards but mentally I feel I still need that small buffer (in case the washing machine breaks, leak in roof etc etc)

Would love to be able to save a decent amount each month. Impossible.

Christmascracker0 · 10/01/2023 18:31

£1,635 in bank savings account (but I have a sofa on a credit card to pay off and some point 😒)
£10k in premium bonds

Metabigot · 10/01/2023 18:33

About 8k which is more than I've had in there ever.

Trying not to spunk my money on shite this year, the cost of living crisis/ inflation has helped in some ways as I just can't bear to pay over the odds for anything disposable now, like eating out. And I used to buy loads of clothes but the quality for what you pay now is not worth it.

thunderstruckk · 10/01/2023 18:35

@EarringsandLipstick

Honestly - it's sometimes still hard to fathom!! We wouldn't be in this position if we'd not lost so many family members in the last few years, that makes up the bulk of it. I'd say probably only 1.5 (still a lot I know) is from is actually saving vs the rest from being left money.

It's been a turnaround from being a student with no savings and debt to this in the last few years, helped by lucky job choices for me and my DH.

It's definitely not realistic without either inheritance or a high earning couple imo.

Scottishskifun · 10/01/2023 18:35

I have 6 months worth of living costs. We have been renovating for the last 8 years a bit at a time as we can afford the works but I don't touch the 6 month pot. I'm fortunate but also used to live on £20 a week just after uni hence I keep a good buffer.

Abeachsomewhere · 10/01/2023 18:38

Just over £1m - had £30k prior to this but received the proceeds of a family house sale via early inheritance. I realise how incredibly fortunate we are from this point of view. Our area is very expensive though, so most of the money has been earmarked to buy a (not as fancy as you might think for the ridiculous price) house.

Wizzelina · 10/01/2023 18:39

Hopefully enough to give us a decent retirement together with our pension income. We've saved a little amount for many years and then increased as we could and have been surprised at how the savings have grown in the pension funds! Never too early to start.

Auntieobem · 10/01/2023 18:41

Around £70k in joint savings. Should ue a bit of it to pay off credit card (c £1K)

In2minds88 · 10/01/2023 18:43

About 5k over a few different accounts. Single mum, (very) slightly above average earnings. Luckily have a very cheap mortgage and very frugal lifestyle. Sometimes I wish I could be a bit more frivolous but I panic if I get below a certain point. I grew up in poverty and spent a few years in really dire straits a while ago. Absolutely determined to never be in that position again.

JorisBonson · 10/01/2023 18:45

About eight pence.

forgotmyusername1 · 10/01/2023 18:45

I have just been in that position

Had 60k but have done an extension and put down deposit for a kitchen which is wiping me out to very little

Originally was going to do kitchen next year but prices were going up so much we just bit the bullet

Beepbeepenergy · 10/01/2023 18:50

NOTHING :(

Jellyrollquiltmom · 10/01/2023 18:52

A hefty 6-figure sum, but it’s all tied up and can’t be accessed without penalties until a fixed set of dates.
We’re being careful for another year as we didn’t have a contingency plan for Covid, COL increase, galloping inflation and the war in Ukraine.
Best laid plans and all that…

Pipsquiggle · 10/01/2023 18:53

These threads are fairly annoying as you don't have any context on age, income, household makeup, how long they've been saving and inheritance.

OP what do you want to get from this?

FirstnameSuesecondnamePerb · 10/01/2023 18:55

We had nothing for years but thanks to an inheritance, managed to squirrel £50k away where its really hard for us to get to.
The peace of mind it has given us,through covid and all the rest (dh self employed) is incalculable.

ememem84 · 10/01/2023 18:56

A couple of hundred. I’m really going to focus on saving this year. 3 months worth of expenses are my usual buffer. So need to build this up again.

ZekeZeke · 10/01/2023 18:57

€3,000 in credit union.
€10,000 in savings account
€3,000 in prizebonds.
No mortgage, adult kids in college and both work part time.

DH/we are due an inheritance (house sale) in the summer, approx €250/300K which will be life changing.DH will put a large amount into his pension and some into savings.

We are incredibly lucky.

Slackbladder22 · 10/01/2023 18:57

Circa £100k in various accounts and investments. Single dad though so I’m glad of the buffer

GarlicCrackers · 10/01/2023 18:58

Maybe £400. But I like to try to convince myself that my mortgage free house is a savings account that I just can't access so let's call it £275,400.

I will carry on living in my fantasy land.

My savings aren't going to increase for at least 2 years, I've got a garage roof to replace, front doors fucked, double glazing is blown, back doors, carpet to replace, leaky conservatory....